Biogen (NASDAQ: BIIB) reported Q2 EPS of $5.04, $0.59 better than the analyst estimate of $4.45. Revenue for the quarter came in at $3.1 billion versus the consensus estimate of $2.81 billion.

• Total revenues of $3.1 billion, a 6% increase versus the prior year and a 15% increase excluding hemophilia revenues*.
  • Revenue growth was driven by strength in MS revenues, which increased 5% versus prior year. This included a 13% increase in TECFIDERA® revenues versus the prior year.
  • Additionally, SPINRAZA® revenues grew to $203 million and BENEPALITM revenues increased to $89 million in the second quarter of 2017.
• GAAP net income and diluted earnings per share (EPS) attributable to Biogen Inc. of $863 million and $4.07, respectively.
• Non-GAAP net income and diluted EPS attributable to Biogen Inc. of $1.1 billion and $5.04, respectively.

Biogen is updating its full year 2017 financial guidance. This guidance consists of the following components:

• Revenue is expected to be approximately $11.5 to $11.8 billion.
  • The increase from prior guidance is primarily related to faster than anticipated adoption of SPINRAZA in the U.S.
  • This guidance continues to reflect a decrease, effective July 1, 2017, to 37.5% in Biogen’s share of RITUXAN annual pre-tax co-promotion profits in the U.S.
• GAAP and non-GAAP R&D expense is expected to be approximately 18% to 19% of total revenue.
  • The increase from prior guidance is primarily a result of $360 million in business development expense related to the recent licensing agreement with Bristol-Myers Squibb.
• GAAP and non-GAAP SG&A expense is expected to be approximately 15% to 16% of total revenue.
• GAAP diluted EPS is expected to be between $17.05 and $17.65 compared to prior guidancerange of $18.00 and $18.80.
• Non-GAAP diluted EPS is expected to be between $20.80 and $21.40, representing an increase over prior guidance range of $20.45 to $21.25.

For earnings history and earnings-related data on Biogen (BIIB) click here.